We can't say they've hit a bottom and we can't even promise they're cheap, but at least for today, investors were finding tech stocks attractive.
A day after the major selloff in technology, chipmakers and computer hardware companies were attracting much of the attention.
Philadelphia Stock Exchange Semiconductor Index
was lately 3.1% higher. Since last Wednesday, the sector's been on the decline along with most of the market. The SOX, as the chip index is called, was bouncing despite the latest bit of bad news to bite the sector.
said it is
cutting 7,000 more jobs, bringing its total cuts this year to 12,000. It will take a charge against its first- and second-quarter results. Still, after absorbing months of decline in its stock price, Motorola was up 0.2% to $14.99. It is well off its 52-week high of $59.02.
Investors were even shaking off cuts to the earnings outlooks on
Advanced Micro Devices
, which were up 0.8% to $22.90 and 4.1% to $44, respectively.
was gaining 5% to $42.80, moving it about $1 off its 52-week low.
Computer companies were also trying to climb back from losses.
, for example, was moving up 1.2% to $96.55. The PC maker announced that it entered into an agreement with Japanese electronics maker
to jointly build and sell computer hardware. The move boosts IBM's position in Asia.
Airline stocks couldn't get off the ground. The
American Stock Exchange Airline Index
was falling 3.9%. The industry's been plagued with labor problems, most recently at
. Its mechanics strike was
fell 5.3% to $40.80 after the airline announced it expects to report a loss for the current quarter.
then came out, slashing its earnings view and rating to accumulate from an intermediate-term buy.
And at least one sector was benefiting from the most recent round of crummy economic data -- the interest-rate sensitive financials. The
American Stock Exchange Securities Broker/Dealer Index
was 3.5% higher, and the
Philadelphia Stock Exchange/KBW Bank Index
was hopping 1.8%. The
Federal Reserve is widely expected to cut rates when it meets next Tuesday.